Overview

• Search teams from the Enforcement Directorate carried out coordinated raids on July 11 at 15 locations across Mumbai, Pune, Goa and Chennai under the Prevention of Money Laundering Act.
• Officials seized incriminating documents, multiple digital devices and Rs 8 lakh in unaccounted cash during the searches.
• Property records linked to assets worth around Rs 200 crore—including flats, villas, bungalows and overseas investments—were uncovered.
• The probe centers on allegations that TBVFL and its promoters diverted Rs 206.35 crore from Axis Bank and Rs 180 crore from Laxmi Vilas Bank through shell companies, inflated royalty payments and manipulated share premiums.
• Investigators based the action on FIRs filed under various Indian Penal Code sections and are now tracing the full diversion scheme to recover illicit proceeds.